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hornbeck offshore services (HOS) Details

Hornbeck Offshore Services, Inc., through its subsidiaries, operates offshore supply vessels (OSVs) and multi-purpose support vessels (MPSVs) in the U.S. Gulf of Mexico, Latin America, and internationally. It provides marine transportation, subsea installation, and accommodation support services to exploration and production, oilfield service, offshore construction, and U.S. military customers. The company owns and operates a fleet of U.S.-flagged OSVs and MPSVs that support the deep-well, deepwater, and ultra-deepwater exploration, development, production, construction, installation, inspection, repair, maintenance, well-stimulation, and other enhanced oil recovery activities of the offshore oil and gas industry. It also operates a shore-base support facility located in Port Fourchon, Louisiana, as well as provides vessel management services, such as crewing, daily operational management, and maintenance activities for other vessels owners. As of February 11, 2015, the company owned and operated 63 OSVs and 5 MPSVs. Hornbeck Offshore Services, Inc. was founded in 1997 and is headquartered in Covington, Louisiana.

hornbeck offshore services (HOS) Key Developments

Hornbeck Offshore Services, Inc. Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2015; Provides Financial Guidance for the Third Quarter and Full Year of 2015 and 2016

Jul 29 15

Hornbeck Offshore Services, Inc. announced unaudited consolidated earnings results for the second quarter and six months ended June 30, 2015. The company recorded consolidated revenue was $136,446,000 compared with $171,099,000 a year ago. Income before income taxes was $30,309,000 compared with $50,063,000 a year ago. Income from continuing operations was $19,215,000 compared with $31,225,000 a year ago. Net income was $19,215,000 compared with $31,233,000 a year ago. Diluted earnings per common share from continuing operations were $0.53 compared with $0.85 a year ago. Diluted earnings per common share were $0.53 compared with $0.85 a year ago. EBITDA was $66,323,000 compared with $84,339,000 a year ago. Adjusted EBITDA was $69,518,000 compared with $88,307,000 a year ago. Net cash provided by operating activities was $73,311,000 compared with $24,018,000 a year ago. Operating income was $39,355,000 compared with $56,756,000 a year ago. The year-over-year decrease in Revenue was primarily due to soft market conditions in the GoM, which led to the Company's decision to stack 18 OSVs on various dates in the fourth quarter of 2014 and thus far in 2015. For the three months ended June 30, 2015, the Company had an average of 17.6 vessels stacked compared to none in the prior-year quarter and 9.5 in the sequential quarter. The year-over-year decrease in revenue was partially offset by $15.2 million in revenue earned from the full or partial-period contribution of ten vessels that were placed in service since March 2014 under the Company's fifth OSV newbuild program. Maintenance capital expenditures were $5,576,000 against $30,060,000 a year ago. Other capital expenditures were $28,376,000 against $36,330,000 a year ago.
For the six months, the company reported revenue was $271,070,000 compared with $307,684,000 a year ago. Income before income taxes was $87,599,000 compared with $68,146,000 a year ago. Income from continuing operations was $55,068,000 compared with $42,579,000 a year ago. Net income was $55,068,000 compared with $42,999,000 a year ago. Diluted earnings per common share from continuing operations were $1.52 compared with $1.16 a year ago. Diluted earnings per common share were $1.52 compared with $1.17 a year ago. EBITDA was $161,131,000 compared with $138,650,000 a year ago. Adjusted EBITDA was $166,512,000 compared with $145,613,000 a year ago. Net cash provided by operating activities was $134,749,000 compared with $60,722,000 a year ago. The year-over-year decrease in revenues primarily resulted from soft market conditions in the GoM, which led to the Company's decision to stack 18 OSVs on various dates in the fourth quarter of 2014 and thus far in 2015. For the six months ended June 30, 2015, the Company had an average of 13.5 vessels stacked compared to none in the prior-year period. The decrease in revenue was partially offset by $37.3 million in revenue earned from the full or partial-period contribution of 13 vessels that were placed in-service under the Company's fifth OSV newbuild program since December 2013. Maintenance capital expenditures were $10,379,000 against $47,124,000 a year ago. Other capital expenditures were $57,159,000 against $61,457,000 a year ago.
For the third quarter, the company expects Projected quarterly depreciation, amortization, net interest expense, cash income taxes, cash interest expense and weighted-average diluted shares outstanding for the third quarter of 2015 are $21.1 million, $6.6 million, $10.3 million, $1.5 million, $13.8 million and 36.3 million, respectively. The company has incurred $1,141.7 million, or 90.3%, of total expected project costs, including $61.5 million that was spent during the second quarter of 2015
For the full fiscal year 2015 and 2016. The company expects depreciation, amortization, net interest expense, cash income taxes and cash interest expense for the full fiscal years 2015 and 2016 is provided on page 12 of this press release. The company's annual effective tax rate is expected to be in the range of 37.0% to 38.0% for fiscal years 2015 and 2016. The company expects to incur newbuild project costs of $47.5 million during the third quarter of 2015. The company expects that its maintenance capital expenditures for its Upstream fleet of vessels will be approximately $22.5 million and $21.1 million for the full fiscal years 2015 and 2016, respectively. The Company expects miscellaneous incremental commercial-related vessel improvements and non-vessel capital expenditures to be approximately $63.7 million and $12.0 million, respectively, for the full fiscal years 2015 and 2016, respectively.

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